<PAGE>   1



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                         ------------------------------

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                For the quarterly period ended September 30, 2000
OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________
     to ________________

                         Commission File Number: 0-27605
                         -------------------------------

                            VASCULAR SOLUTIONS, INC.
             (Exact name of registrant as specified in its charter)


                 MINNESOTA                            41-1859679
       (State or other jurisdiction of            (I.R.S. Employer
        incorporation or organization)           Identification No.)


           2495 Xenium Lane North
           Minneapolis, Minnesota                       55441
  (Address of principal executive offices)            (Zip Code)

                                 (763) 656-4300
              (Registrant's telephone number, including area code)
              ----------------------------------------------------

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 YES [X] NO [ ]

The Registrant had 13,093,148 shares of Common Stock, $0.01 par value per share,
outstanding as of November 1, 2000.


<PAGE>   2


                            VASCULAR SOLUTIONS, INC.

                                TABLE OF CONTENTS


                                                                            PAGE


PART I. FINANCIAL INFORMATION

        Item 1. Financial Statements (Unaudited)

                Balance Sheets as of September 30, 2000 and
                December 31, 1999                                              2

                Statements of Operations for the three months ended
                September 30, 2000 and 1999 and for the nine months
                ended September 30, 2000 and 1999                              3

                Statements of Cash Flows for the three months ended
                September 30, 2000 and 1999 and for the nine months
                ended September 30, 2000 and 1999                              4

                Notes to Unaudited Financial Statements                        5

        Item 2. Management's Discussion and Analysis of Financial
                Condition and Results of Operations                            7

        Item 3. Quantitative and Qualitative Disclosure About
                Market Risks                                                  11


PART II.  OTHER INFORMATION

        Item 1.  Legal Proceedings                                            11

        Item 2.  Changes in Securities and Use of Proceeds                    12

        Item 3.  Defaults upon Senior Securities                              13

        Item 4.  Submission of Matters to a Vote of Security Holders          13

        Item 5.  Other Information                                            13

        Item 6.  Exhibits and Reports on Form 8-K                             13


<PAGE>   3


                            VASCULAR SOLUTIONS, INC.

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                               SEPTEMBER 30,      DECEMBER 31,
                                                                                   2000               1999
                                                                               -------------      ------------
<S>                                                                            <C>                <C>
                                                                                (unaudited)          (Note)
ASSETS
Current assets:
     Cash and cash equivalents.........................................        $ 45,909,710       $10,529,191
     Accounts receivable, net of allowance of
            $50,000 at September 30, 2000..............................           1,754,269           374,978
     Inventories.......................................................           1,485,522           612,569
     Prepaid expenses..................................................             270,610            93,177
                                                                               -------------      ------------
          Total current assets.........................................          49,420,111        11,609,915
Property and equipment, net............................................             884,949           684,952
                                                                               -------------      ------------
          Total assets.................................................        $ 50,305,060       $12,294,867
                                                                               =============      ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
     Accounts payable..................................................        $  1,030,115       $ 1,019,715
     Accrued compensation..............................................             777,187            85,441
     Accrued expenses..................................................              70,558            17,513
                                                                               -------------      ------------
          Total current liabilities....................................           1,877,860         1,122,669

Commitments and contingencies

Shareholders' equity:
     Series A preferred stock, $.01 par value;
        Shares authorized - 2000 - 0; 1999 - 2,000,000
        Issued and outstanding - 2000 - 0; 1999 - 2,000,000............                  --            20,000
     Series B preferred stock, $.01 par value;
        Shares authorized - 2000 - 0; 1999 - 1,777,777
        Issued and outstanding - 2000 - 0; 1999 - 1,777,777............                  --            17,778
     Common stock, $.01 par value;
        Shares authorized - 2000 - 40,000,000; 1999 - 16,222,223
        Issued and outstanding - 2000 - 13,088,948;
                 1999 - 5,250,291......................................             130,890            52,503
Additional paid-in capital.............................................          69,872,856        25,828,309
Deferred compensation..................................................             (71,330)          (90,931)
Accumulated deficit....................................................         (21,505,216)      (14,655,461)
                                                                               -------------      ------------
     Total shareholders' equity........................................          48,427,200        11,172,198
                                                                               -------------      ------------
          Total liabilities and shareholders' equity...................        $ 50,305,060       $12,294,867
                                                                               =============      ============
</TABLE>

                             See accompanying notes.

Note: The balance sheet at December 31, 1999 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.



                                       2

<PAGE>   4


                            VASCULAR SOLUTIONS, INC.

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED               NINE MONTHS ENDED
                                                       SEPTEMBER 30,                    SEPTEMBER 30,
                                                     2000           1999             2000          1999
                                                -------------   ------------     ------------  ------------
                                                        (unaudited)                       (unaudited)
<S>                                             <C>               <C>             <C>            <C>

Net sales...................................     $ 2,037,251      $ 404,814       $3,388,046     $ 919,314
Cost of goods sold..........................         875,822        285,566        1,578,379       727,903
                                                -------------   ------------     ------------  ------------
Gross profit................................       1,161,429        119,248        1,809,667       191,411

Operating expenses:
     Research and development...............         913,545        666,703        2,460,031     2,313,681
     Clinical and regulatory................         246,330        232,665          772,937     1,114,968
     Sales and marketing....................       2,107,292        618,371        4,418,204     1,467,800
     General and administrative.............         524,674        438,422        1,753,353       847,882
                                                -------------   ------------     ------------  ------------
          Total operating expenses..........       3,791,841      1,956,161        9,404,525     5,744,331
                                                -------------   ------------     ------------  ------------

          Operating loss....................      (2,630,412)    (1,836,913)      (7,594,858)   (5,552,920)
Interest income.............................         530,756        102,352          745,103       285,388
                                                -------------   ------------     ------------  ------------
Net loss....................................    $ (2,099,656)   $(1,734,561)     $(6,849,755)  $(5,267,532)
                                                =============   ============     ============  ============

Basic and diluted net loss per share........    $       (.19)   $      (.40)     $      (.96)  $     (1.22)
                                                =============   ============     ============  ============

Shares used in computing basic and
   diluted net loss per share...............      10,907,770      4,319,608        7,144,711     4,315,241
                                                =============   ============     ============  ============
</TABLE>

                             See accompanying notes.



                                       3

<PAGE>   5


                            VASCULAR SOLUTIONS, INC.

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED              NINE MONTHS ENDED
                                                               SEPTEMBER 30,                   SEPTEMBER 30,
                                                           2000            1999            2000           1999
                                                      -------------    ------------    ------------   ------------
                                                              (unaudited)                       (unaudited)
<S>                                                   <C>              <C>            <C>            <C>
OPERATING ACTIVITIES
   Net loss.......................................     $(2,099,656)    $(1,734,561)   $(6,849,755)   $(5,267,532)
   Adjustments to reconcile net loss to
     net cash used in operating activities:
        Depreciation and amortization.............          96,967          64,266        261,027        177,737
        Value of options granted for services.....              --              --             --         13,360
        Value of warrant granted related
          to supply agreement.....................              --              --             --        257,000
        Deferred compensation expense.............          18,210          18,312         54,351         31,382

        Changes in operating assets and liabilities:
          Accounts receivable.....................      (1,000,719)        (79,180)     (1,379,291)      (237,180)
          Inventories.............................        (341,625)        (95,220)       (872,953)      (251,955)
          Prepaid expenses........................          54,028        (316,626)       (177,433)      (328,282)
          Accounts payable........................         (97,443)        342,228          10,400        333,245
          Accrued compensation and expenses.......         306,415          19,187         744,791        (88,605)
                                                      -------------    ------------    ------------   ------------
             Net cash used in operating activities      (3,063,823)     (1,781,594)     (8,208,863)    (5,360,830)

INVESTING ACTIVITIES
   Purchase of property and equipment.............        (110,395)       (106,999)       (461,024)      (257,279)
                                                      -------------    ------------    ------------   ------------
             Net cash used in investing activities        (110,395)       (106,999)       (461,024)      (257,279)

FINANCING ACTIVITIES
   Proceeds from exercise of stock options........          19,920          27,880          74,920      3,061,750
   Net proceeds from sale of common stock.........      43,975,486              --      43,975,486             --
                                                      -------------    ------------   ------------   ------------
             Net cash provided by financing
                        Activities................      43,995,406          27,880      44,050,406      3,061,750
                                                      -------------    ------------   ------------   ------------
             Increase (decrease) in cash
               and cash equivalents...............      40,821,188      (1,860,713)     35,380,519     (2,556,359)
Cash and cash equivalents at beginning of
   Period                                                5,088,522       9,201,407      10,529,191      9,897,053
                                                      -------------    ------------    ------------   ------------
Cash and cash equivalents at end of period........    $ 45,909,710     $ 7,340,694     $45,909,710    $ 7,340,694
                                                      =============    ============    ============   ============
</TABLE>

                             See accompanying notes.



                                       4


<PAGE>   6


                            VASCULAR SOLUTIONS, INC.
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)      BASIS OF PRESENTATION

         The accompanying unaudited financial statements of Vascular Solutions,
         Inc. (the "Company") have been prepared in accordance with generally
         accepted accounting principles for interim financial information and
         with the instructions to Form 10-Q and Regulation S-X. Accordingly,
         they do not include all of the information and footnotes required by
         generally accepted accounting principles for complete financial
         statements. In the opinion of management, all normal, recurring
         adjustments considered necessary for a fair presentation have been
         included. The financial statements should be read in conjunction with
         the audited financial statements for the year ended December 31, 1999
         included in the Registration Statement on Form S-1 of the Company, as
         amended, filed with the Securities and Exchange Commission (File No.
         333-84089). Interim results of operations are not necessarily
         indicative of the results to be expected for the full year or any other
         interim periods.


(2)      COMPUTATION OF NET LOSS PER SHARE

         In accordance with Statement of Financial Accounting Standards No. 128,
         Earnings Per Share, (SFAS 128), basic net loss per share for the three
         months and nine months ended September 30, 2000 and 1999 is computed by
         dividing net loss by the weighted average common shares outstanding
         during the periods presented. Diluted net loss per share is computed by
         dividing net loss by the weighted average common and dilutive potential
         common shares outstanding computed in accordance with the treasury
         stock method. For all periods presented, diluted loss per share is the
         same as basic loss per share, because the effect of outstanding
         options, warrants and convertible preferred stock is antidilutive.


(3)      REVENUE RECOGNITION

         In the United States, the Company sells its products directly to
         hospitals and clinics. Revenue is recognized upon shipment of products
         to customers.

         In international markets, the Company sells its products to
         international distributors which subsequently resell the products to
         hospitals and clinics. The Company has agreements with each of its
         distributors which provide that title and risk of loss pass to the
         distributor upon shipment of the products to the distributor. The
         Company warrants that its products are free from manufacturing defects
         at the time of shipment to the distributor. Revenue is recognized upon
         shipment of products to distributors following the receipt and
         acceptance of a distributor's purchase order. Allowances are provided
         for estimated warranty costs at the time of shipment. To date, warranty
         costs have been insignificant.



                                       5



<PAGE>   7


                            VASCULAR SOLUTIONS, INC.
                NOTES TO UNAUDITED FINANCIAL STATEMENTS-CONTINUED


(4)      INVENTORIES

         Inventories are stated at the lower of cost (first-in, first-out
         method) or market and are comprised of the following at:

<TABLE>
<CAPTION>
                                                               SEPTEMBER 30,       DECEMBER 31,
                                                                   2000               1999
                                                                   ----               ----
                                                                (unaudited)
<S>                                                            <C>                  <C>
           Raw materials....................................    $  912,912           $451,955
           Work-in process..................................       484,205            103,285
           Finished goods...................................        88,405             57,329
                                                                ----------          ---------
                                                                $1,485,522           $612,569
                                                                ==========           ========
</TABLE>


(5)      CONCENTRATIONS OF CREDIT AND OTHER RISKS

         Financial instruments that potentially subject the Company to
         concentrations of credit risk consist primarily of cash and cash
         equivalents and accounts receivables. The Company maintains its
         accounts for cash and cash equivalents principally at one major bank
         and two investment firms in the United States. The Company has a formal
         written investment policy that restricts the placement of investments
         to issuers evaluated as creditworthy. The Company has not experienced
         any losses on its deposits of its cash and cash equivalents.

         With respect to accounts receivable, the Company performs credit
         evaluations of its customers and does not require collateral. Three
         customers accounted for 38% of total accounts receivable as of
         September 30, 2000. Two customers accounted for 51% of total accounts
         receivable as of December 31, 1999. There have been no material losses
         on customer receivables.

         The Company operates in a single industry segment and sells its product
         directly to hospitals and clinics in the United States and to
         distributors who, in turn, sell to medical clinics in international
         markets. The Company sells its product in foreign countries through
         independent distributors denominated in United States dollars. Loss,
         termination or ineffectiveness of distributors to effectively promote
         the Company's product would have a material adverse effect on the
         Company's financial condition and results of operations.

         Sales by geographic destination as a percentage of total net sales for
         the nine months ended September 30, 2000 was 51% in the United States
         and 49% in international markets.

         Sales to significant customers as a percentage of total net sales are
         as follows for the nine months ended September 30, 2000 and 1999:

                                                           2000           1999
                                                          ------         ------
            German distributor..........................   13.8%          26.3%
            Norwegian distributor.......................   15.4%          18.5%
            Italian distributor.........................    9.0%          15.3%



                                       6
<PAGE>   8


(6)      INITIAL PUBLIC OFFERING

         On July 25, 2000, the Company completed the initial public offering of
         its common stock. Upon the closing of the initial public offering, the
         Company issued 3,500,000 shares of its common stock at an offering
         price of $12.00 per share and all of the Company's Series A and Series
         B preferred stock automatically converted into 3,777,777 shares of
         common stock. On August 15, 2000, the underwriters exercised in full
         their over-allotment option to purchase an additional 525,000 shares of
         common stock at $12.00 per share. Cash proceeds from the sale of the
         4,025,000 shares of common stock, net of underwriters' discount and
         offering expenses, totaled approximately $44.0 million. Upon closing of
         the Company's initial public offering, the authorized capital stock of
         the Company consisted of 40,000,000 shares of common stock, par value
         $.01 per share, with no shares of preferred stock outstanding or
         designated.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

OVERVIEW

     Since commencing operations in February 1997, we have been engaged in the
design, development, clinical testing and, more recently, the manufacture and
sale of the Vascular Solutions DuettTM sealing device. Our Duett sealing device
is designed to seal the entire puncture site following catheterization
procedures such as angiography, angioplasty and stenting. Beginning in 1998, we
received regulatory approvals to market the Duett sealing device in several
international markets, principally in Europe. On June 22, 2000, we received
approval from the United States Food and Drug Administration or FDA of our
premarket approval or PMA application for the sale of our Duett sealing device
in the United States. As a result, during the quarter ended September 30, 2000
we commenced sales of our product in the United States with a direct sales
force.

     We have a limited history of operations and have experienced significant
operating losses since inception. As of September 30, 2000, we had an
accumulated deficit of $21.5 million. Although we have experienced revenue
growth in recent periods, this growth may not be sustainable and, therefore,
these recent periods should not be considered indicative of future performance.
We may never achieve significant revenues or profitability, or if we achieve
significant revenues they may not be sustained in future periods.

RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 1999

     Net sales increased 403% to $2,037,251 for the three months ended September
30, 2000 from $404,814 for the three months ended September 30, 1999. This
increase in net sales was attributable to the United States market launch of our
Duett sealing device which began in July 2000. As a result, 82% of net sales for
the three months ended September 30, 2000 were to customers in the United States
while 18% of the net sales were to our independent distributors in international
markets. During the three months ended September 30, 2000, we began the process
of transitioning from utilizing an independent distributor in Germany to
organizing Vascular Solutions GmbH as a wholly owned subsidiary for direct sales
in Germany. This transition negatively impacted our third quarter international
sales. During the fourth quarter of 2000 we have commenced direct shipments
through Vascular Solutions GmbH to customers in Germany.

     Gross profit as a percentage of net sales increased to 57% for the three
months ended September 30, 2000 from 29% for the three months ended September
30, 1999. This increase as a percentage of net



                                       7
<PAGE>   9


sales resulted from the United States sales of the Duett sealing device and
improved manufacturing processes. Cost of goods sold consists primarily of
direct material component costs, personnel expenses and manufacturing equipment
and overhead related to the production of our Duett sealing device. We expect
gross profit as a percentage of net sales to continue to increase as we increase
our manufacturing volume, improve our manufacturing processes, and continue the
United States market launch.

     Research and development expenses increased 37% to $913,545 for the three
months ended September 30, 2000 from $666,703 for the three months ended
September 30, 1999. This increase was attributable to hiring additional
development personnel, continued work on product improvements and exploring new
product opportunities. We expect our research and development expenses to
increase through the remainder of 2000 as we continue work on product
improvements and explore new product opportunities.

     Clinical and regulatory expenses increased 6% to $246,330 for the three
months ended September 30, 2000 from $232,665 for the three months ended
September 30, 1999. These expenses consist primarily of payments to clinics for
participation in clinical studies, company personnel related to clinical study
administration and payments to regulatory agencies as part of the product
approval process. The increase was primarily the result of costs associated with
completion and follow-up in the 300-patient multi-center FDA clinical study of
the Duett Model 2000. We expect our clinical and regulatory expenses to increase
slightly during the remainder of 2000 compared to the quarter ended September
30, 2000.

     Sales and marketing expenses increased 241% to $2,107,292 for the three
months ended September 30, 2000 from $618,371 for the three months ended
September 30, 1999. This increase was due primarily to additional personnel and
travel for the United States launch of our Duett sealing device. We currently
anticipate that sales and marketing expenses will increase for the foreseeable
future as we continue to hire, train and deploy a direct sales force in the
United States. These expenses will be principally related to hiring additional
sales personnel, expanding marketing efforts, travel and training physicians in
the United States.

     General and administrative expenses increased 20% to $524,674 for the three
months ended September 30, 2000 from $438,422 for the three months ended
September 30, 1999. This increase was primarily attributable to an increase in
legal fees associated with litigation items (See "Legal Proceedings" in Item 1
of Part II of this Form 10-Q) and increase in personnel costs to support
increased operations. We anticipate that general and administrative expenses
will increase by modest amounts for the foreseeable future as we continue to
incur substantial litigation expenses related to the existing patent
infringement claims.

     Interest income increased to $530,756 for the three months ended September
30, 2000 from $102,352 for the three months ended September 30, 1999 primarily
as a result of higher cash balances from the cash proceeds received upon the
closing of our initial public offering in July 2000.

NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
1999

     Net sales increased 269% to $3,388,046 for the nine months ended September
30, 2000 from $919,314 for the nine months ended September 30, 1999. The
increase in net sales was the result of increased market penetration in
international markets as well as United States approval of our Duett sealing
device on June 22, 2000 and the commencement of our formal United States market
launch in July 2000. International sales of our Duett sealing device commenced
in February 1998. Sales to our Norwegian, German and Italian distributors
accounted for approximately 15%, 14% and 9% of net sales for the nine months
ended September 30, 2000. Sales to our Norwegian, German and Italian
distributors




                                   8

<PAGE>   10


accounted for approximately 19%, 26% and 15% of net sales for the nine months
ended September 30, 1999.

     Gross profit as a percentage of net sales increased to 53% for the nine
months ended September 30, 2000 from 21% for the nine months ended September 30,
1999. This increase as a percentage of net sales resulted from the United States
sales of the Duett sealing device, a decrease in cost of goods sold due to the
conversion to the Duett Model 2000 for international sales in the fourth quarter
of 1999, increased volume and improved manufacturing processes. The Duett Model
2000 incorporates minor modifications to the procoagulant components and
different vendors for certain components, resulting in lower cost of goods
compared to the original Duett Model 1000. The approval we received from the FDA
in June applies to the Duett Model 1000. We will not be able to sell the Duett
Model 2000 in the United States until we receive approval of a PMA supplement.
We do not expect to receive FDA approval of a PMA supplement for the Duett Model
2000 prior to the second half of 2001.

     Research and development expenses increased 6% to $2,460,031 for the nine
months ended September 30, 2000 from $2,313,681 for the nine months ended
September 30, 1999. This increase was attributable to hiring additional
development personnel, continued work on product improvements and exploring new
product opportunities offset by increased absorption of additional capacity by
manufacturing.

     Clinical and regulatory expenses decreased 31% to $772,937 for the nine
months ended September 30, 2000 from $1,114,968 for the nine months ended
September 30, 1999. The decrease was primarily the result of costs associated
with the patient enrollment portion of the 695-patient multi-center clinical
study of our Duett sealing device which commenced in August 1998 and was
completed in March 1999. In addition to the payments to the clinical centers for
patient enrollment and data collection, we contracted with a third party to
perform data analysis and computation for the study. We also contracted with a
third party to perform a cost outcomes study of the patient data from this
multi-center study.

     Sales and marketing expenses increased 201% to $4,418,204 for the nine
months ended September 30, 2000 from $1,467,800 for the nine months ended
September 30, 1999. This increase was due primarily to $1,878,000 in increased
personnel costs with hiring, training and deploying a direct sales force and
$720,000 associated with travel, marketing and physician training for the
domestic and international distribution of our Duett sealing device.

     General and administrative expenses increased 107% to $1,753,353 for the
nine months ended September 30, 2000 from $847,882 for the nine months ended
September 30, 1999. This increase was primarily attributable to a $603,000
increase in legal fees associated with litigation items and a $319,000 increase
in personnel costs.

     Interest income increased to $745,103 for nine months ended September 30,
2000 from $285,388 for the nine months ended September 30, 1999 primarily as a
result of higher cash and cash equivalent balances from the cash proceeds
received upon the closing of our initial public offering in July 2000.

INCOME TAXES

     We have not generated any pre-tax income to date and therefore have not
paid any federal income taxes since inception in December 1996. No provision or
benefit for federal and state income taxes has been recorded for net operating
losses incurred in any period since our inception.

     As of September 30, 2000, we had approximately $19,185,000 of federal net
operating loss carryforwards available to offset future taxable income which
begin to expire in the year 2013. As of



                                      9
<PAGE>   11


September 30, 2000, we also had federal and state research and development tax
credit carryforwards of approximately $339,000 which begin to expire in the year
2013. Under the Tax Reform Act of 1986, the amounts of and benefits from net
operating loss carryforwards may be impaired or limited in certain
circumstances, including significant changes in ownership interests. Future use
of our existing net operating loss carryforwards may be restricted due to
changes in ownership or from future tax legislation.

     We have established a valuation allowance against the entire amount of our
deferred tax asset because we have not been able to conclude that it is more
likely than not that we will be able to realize the deferred tax asset, due
primarily to our history of operating losses.

LIQUIDITY AND CAPITAL RESOURCES

     We have financed all of our operations since inception through the issuance
of equity securities. Through June 30, 2000, we had sold common stock and
preferred stock generating aggregate net proceeds of $25.4 million. On August
15, 2000, we completed the initial public offering of our common stock. Upon the
closing of the initial public offering, we received cash proceeds, net of
underwriters' discount and offering expenses, of approximately $44.0 million,
including the exercise of the underwriters' over-allotment option.

     At September 30, 2000, we had $45.9 million in cash and cash equivalents
on-hand. During the three months ended September 30, 2000, we used $3.1 million
of cash and cash equivalents in operating activities. The cash used in operating
activities was primarily used to fund our net loss for the period of $2.1
million and increases in accounts receivable and inventories to support our
increased operations. For the nine months ended September 30, 2000, we used $8.2
million of cash in operating activities. This was primarily used to fund our net
loss for the period of $6.8 million and increases in accounts receivable and
inventories. For the nine months ended September 30, 2000, cash used in
operating activities was partially offset by an increase of $755,000 in accounts
payable and accrued expenses. Our other use of cash in each of these periods was
investing activities to acquire manufacturing and office equipment. Our
equipment acquisitions totaled $110,000 during the three months ended September
30, 2000 and $461,000 during the nine months ended September 30, 2000.

     We do not have any significant cash commitments related to supply
agreements, nor do we have any commitments for capital expenditures.

     We currently anticipate that we will continue to experience significant
growth in our expenses for the foreseeable future and our expenses will be a
material use of our cash resources. We anticipate that our operating losses will
continue through at least December 31, 2000, because we plan to spend
substantial amounts hiring and training a direct United States sales force,
funding sales and marketing activities and creating and expanding research and
development initiatives. We believe that current cash balances along with cash
generated from the future sales of products will be sufficient to meet our
operating and capital requirements through at least the end of 2001. Our
liquidity and capital requirements beyond 2001 will depend on numerous factors,
including the extent to which our Duett sealing device gains market acceptance
and competitive developments.

CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995

     The Private Securities Litigation Reform Act of 1995 (the "Act") provides a
"safe harbor" for forward-looking statements to encourage companies to provide
prospective information about their business, so long as those statements are
identified as forward-looking and are accompanied by meaningful cautionary
statements identifying important factors that could cause actual results to
differ



                                       10
<PAGE>   12


materially from those discussed in the statement. Vascular Solutions, Inc.
desires to take advantage of the safe harbor provisions with respect to any
forward-looking statements it may make in this filing, other filings with the
Securities and Exchange Commission and any public oral statements or written
releases. The words or phrases "will likely," "is expected," "will continue,"
"is anticipated," "estimate," "projected," "forecast," or similar expressions
are intended to identify forward-looking statements within the meaning of the
Act. Such statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those projected. The Company
cautions readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. In accordance with the Act,
the Company identifies the following important general factors which if altered
from the current status could cause the Company's actual results to differ from
those described in any forward-looking statements: risks associated with our
limited operating history, defense of patent infringement lawsuits, adoption of
our new sealing methodology, reliance on a sole product, lack of profitability,
lack of experience with a direct sales force, exposure to possible product
liability claims, the development of new products by others, dependence on third
party distributors in international markets, doing business in international
markets, limited manufacturing experience, the availability of third party
reimbursement, actions by the FDA related to the Duett sealing device, the loss
of key vendors and those factors set forth under the heading "Factors Affecting
Future Operating Results" in the Company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2000. This list is not exhaustive, and the Company may
supplement this list in any future filing with the Securities and Exchange
Commission or in connection with the making of any specific forward-looking
statement.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS

     Financial instruments that potentially subject us to concentrations of
credit risk consist primarily of cash and cash equivalents and accounts
receivables. We maintain our accounts for cash and cash equivalents principally
at one major bank and two investment firms in the United States. We have a
formal written investment policy that restricts the placement of investments to
issuers evaluated as creditworthy. We have not experienced any losses on our
deposits of our cash and cash equivalents.

     With respect to accounts receivable, we perform credit evaluations of our
customers and do not require collateral. There have been no material losses on
customer receivables.

     In the United States, we sell our products directly to hospitals and
clinics. Revenue is recognized upon shipment of products to customers.

     In international markets, we sell our products to independent distributors
who, in turn, sell to medical clinics. We sell our product in foreign countries
through independent distributors denominated in United States dollars. Loss,
termination or ineffectiveness of distributors to effectively promote our
product would have a material adverse effect on our financial condition and
results of operations.



                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     On July 23, 1999, we were named as the defendant in a patent infringement
lawsuit brought by Datascope Corp. in the United States District Court for the
District of Minnesota. The complaint requested a judgment that our Duett sealing
device infringes and, following FDA approval, will infringe a United States
patent held by Datascope and asks for relief in the form of an injunction that
would



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<PAGE>   13


prevent us from selling our product in the United States as well as an award of
attorneys' fees, costs and disbursements. On March 15, 2000, the court granted
summary judgment dismissing all of Datascope's claims, subject to the right of
Datascope to recommence the litigation after our receipt of FDA approval of our
Duett sealing device. On July 12, 2000, after our receipt of FDA approval,
Datascope recommenced this litigation, alleging that the Duett sealing device
infringes a United States patent held by Datascope and requesting relief in the
form of an injunction that would prevent us from selling our product in the
United States, damages caused by our alleged infringement, and other costs,
disbursements and attorneys' fees. It is not possible to predict the timing or
outcome of this lawsuit, including whether we will be prohibited from selling
our Duett sealing device in the United States or internationally, or to estimate
the amount or range of potential loss, if any.

     On September 22, 1999, we received a letter from the Daig division of St.
Jude Medical, Inc. claiming that the manufacture, use, marketing and sale of our
Duett sealing device infringes upon certain United States patents licensed by
Daig. The letter referenced a prior letter dated August 18, 1998 from us to the
prior licensee of those patents in which we made a proposal intended to avoid
the anticipated litigation over those patents. The proposed license was
rejected. On July 3, 2000, we were named as the defendant in a patent
infringement lawsuit brought by St. Jude Medical and Daig Corporation in the
United States District Court for the District of Minnesota. The complaint
requests a judgment that our Duett sealing device infringes a series of four
patents held by St. Jude Medical and asks for relief in the form of an
injunction that would prevent us from selling our product in the United States,
damages caused by the manufacture and sale of our product, and other costs,
disbursements and attorneys' fees. It is not possible to predict the timing or
outcome of this lawsuit, including whether we will be prohibited from selling
our Duett sealing device in the United States or internationally, or to estimate
the amount or range of potential loss, if any.


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         (a)  Not applicable


         (b)  Not applicable


         (c)  Exercises of Stock Options

              During the three-month period ended September 30, 2000, we issued
              and sold an aggregate of 8,080 shares of our common stock to
              employees and former employees for aggregate consideration of
              $19,920 pursuant to exercises of options under our Stock Option
              Plan. These sales were made in reliance upon an exemption from the
              registration provisions of the Securities Act set forth in Rule
              701 of the Securities Act.

         (d)  Initial Public Offering

              On July 25, 2000, we sold 3,500,000 shares of our common stock, at
              an initial public offering price of $12.00 per share, pursuant to
              a Registration Statement on Form S-1 (Registration No. 333-84089),
              which was declared effective by the Securities and Exchange
              Commission on July 19, 2000. The managing underwriters of our
              initial public offering were Salomon Smith Barney Inc., Stephens
              Inc. and William Blair & Company, L.L.C. The underwriters
              exercised in full their over-allotment option to purchase an
              additional 525,000 shares at $12.00 per share on August 15, 2000.
              The aggregate gross proceeds raised in the



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<PAGE>   14



              offering were approximately $48.3 million. Our net proceeds from
              the offering were approximately $44.0 million. To date, we have
              spent approximately $2.7 of the net proceeds to hire, train and
              deploy a direct sales force in the United States, and $2.3 for
              general corporate purposes.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.


ITEM 5.  OTHER INFORMATION

         None.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits:

              3.1 -- Amended and Restated Articles of Incorporation of
                     Vascular Solutions, Inc.

             27.1 -- Financial Data Schedule for the three months ended
                     September 30, 2000.

             27.2 -- Financial Data Schedule for the nine months ended
                     September 30, 2000.

         (b) Reports on Form 8-K:

             The Company did not file any Current Report on Form 8-K during
             the quarter ended September 30, 2000.



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<PAGE>   15


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                               VASCULAR SOLUTIONS, INC.


Date:  November 8, 2000                By: /s/ Jerry Johnson
                                          ------------------------------------
                                          Jerry S. Johnson
                                          Chief Financial Officer
                                          (Duly authorized officer and principal
                                          financial and accounting officer)



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<PAGE>   16


                                  EXHIBIT INDEX


 3.1 -- Amended and Restated Articles of Incorporation of Vascular Solutions,
        Inc.


27.1 -- Financial Data Schedule for the three months ended September 30, 2000.


27.2 -- Financial Data Schedule for the nine months ended September 30, 2000.



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